{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_5.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 15:38:58
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2011/2012 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2011
0     1     9.592e-14     8.882e-14     3.553e-15
1     2339     4.273e-10     9.961e-10     3.842e-08
2     1565     4.269e-10     9.954e-10     3.838e-08
3     2136     4.268e-10     9.971e-10     3.833e-08
4     2013     4.295e-10     9.966e-10     3.836e-08
5     1631     4.300e-10     9.978e-10     3.836e-08
6     2037     4.292e-10     9.969e-10     3.850e-08
2011
0     1     1.208e-13     1.110e-13     8.882e-16
1     2161     4.287e-10     9.957e-10     3.749e-08
2     1548     4.280e-10     9.941e-10     3.742e-08
3     1794     4.313e-10     9.961e-10     3.799e-08
4     1946     4.233e-10     9.939e-10     3.797e-08
5     1580     4.242e-10     9.958e-10     3.807e-08
6     1444     4.260e-10     9.999e-10     3.825e-08
2011
0     1     1.208e-13     1.119e-13     4.441e-15
1     1461     4.319e-10     9.992e-10     3.751e-08
2     1417     4.307e-10     9.963e-10     3.734e-08
3     1780     4.269e-10     9.977e-10     3.681e-08
4     1560     4.326e-10     9.994e-10     3.676e-08
5     1339     4.318e-10     9.982e-10     3.664e-08
6     1386     4.315e-10     9.974e-10     3.660e-08
2012
0     1     1.421e-13     1.332e-13     1.776e-15
1     3547     5.482e-10     9.114e-10     1.076e-11
2     2455     5.213e-10     9.162e-10     3.963e-11
3     3109     6.438e-10     9.687e-10     1.939e-11
4     2930     6.306e-10     9.294e-10     5.640e-11
5     2683     5.999e-10     9.793e-10     5.406e-11
6     2716     5.603e-10     9.824e-10     1.278e-10
2012
0     1     1.315e-13     1.226e-13     1.776e-15
1     3815     6.928e-10     9.967e-10     3.642e-13
2     2909     6.872e-10     9.687e-10     4.980e-12
3     3553     5.597e-10     9.805e-10     4.491e-12
4     3463     6.667e-10     9.872e-10     1.819e-12
5     2575     5.503e-10     9.514e-10     3.639e-11
6     2590     5.708e-10     9.447e-10     1.740e-11
2012
0     1     1.092e-13     1.021e-13     2.665e-15
1     2427     5.554e-10     9.516e-10     1.988e-11
2     3040     5.621e-10     9.892e-10     4.769e-12
3     3351     6.627e-10     9.487e-10     1.022e-12
4     3907     6.568e-10     9.288e-10     4.690e-13
5     2681     6.599e-10     9.416e-10     1.646e-12
6     2330     5.835e-10     9.410e-10     3.042e-11
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_5.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 18:24:08
{txt}{.-}
{smcl}
{txt}{sf}{ul off}